Yahoo News
November 25, 2022
Determining when to retire can be tough. There are various factors to consider, including your financial situation, your health, and the lifestyle you wish to enjoy once you retire. While the decision of when to retire is personal to you, it may help to know when people typically retire. So, what’s the average retirement age, and how is it changing? And what financial considerations should you weigh before you retire? While we answer these questions below, speaking with a financial advisor can help you get all of these questions answered for your personal situation.
Workers in the United States generally retire at around age 64, though data shows that the average age varies by state. For example, the average age of retirement in Washington, D.C., is around 67, while many states’ average age is around 65, such as Iowa, Kansas, Maryland, Vermont, and Texas. Other states boast even lower ages, like Alabama, Kentucky, and Michigan’s 63, or Alaska and West Virginia at age 61.